FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Current Liabilities
Notes Payable
Accounts Payable
Rent Payable
Income Taxes Payable
Payroll Taxes Payable
Total Current Liabilities
Long-term Liabilities
Notes Payable
Bonds Payable
Less :
Discount on Bonds Payable
Rent Payable
Total Long-term Liabilities.
Total Liabilities
Stockholders' Equity
Capital Stock
Common Stock
Preferred Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity v
$
302870
15320 i
200000
150000
$
"FOR
267870
492870
47870
101232
180461
1602870
287550
482870
350000
719317
$
$
1090303
2373290
3463593
1069317
4532910
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Transcribed Image Text:Current Liabilities Notes Payable Accounts Payable Rent Payable Income Taxes Payable Payroll Taxes Payable Total Current Liabilities Long-term Liabilities Notes Payable Bonds Payable Less : Discount on Bonds Payable Rent Payable Total Long-term Liabilities. Total Liabilities Stockholders' Equity Capital Stock Common Stock Preferred Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity v $ 302870 15320 i 200000 150000 $ "FOR 267870 492870 47870 101232 180461 1602870 287550 482870 350000 719317 $ $ 1090303 2373290 3463593 1069317 4532910
Presented below are a number of balance sheet items for Swifty, Inc. for the current year, 2025.
Goodwill
Payroll taxes payable
Bonds payable
Discount on bonds payable
Cash
Land
Notes receivable
Notes payable (to banks)
Accounts payable
Retained earnings
Income taxes receivable
Notes payable (long-term)
$ 127,870 Accumulated depreciation-equipment
Inventory
180,461
302,870
15,320
362,870
482,870
448,570
267,870
492,870
?
100,500
1,602,870
Rent payable (short-term)
Income taxes payable
Rent payable (long-term)
Common stock, $1 par value
Preferred stock, $10 par value
Prepaid expenses
Equipment
Debt investments (trading)
Accumulated depreciation-buildings
Buildings
$292,320
242,670
47,870
101,232
482,870
202,870
152,870
90,790
1,472,870
123,870
270,520
1,642,870
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized
was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of
debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land,
Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
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Transcribed Image Text:Presented below are a number of balance sheet items for Swifty, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 127,870 Accumulated depreciation-equipment Inventory 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $292,320 242,670 47,870 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Expert Solution
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Step 1 Introduction

Balance Sheet :— It is one of the financial statement that shows list of final ending balances of assets, liabilities and owner's equity. 

 

Assets :— It is the resources owned by company. 

 

Liabilities :— It is the obligation of company that will be paid in future. 

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